VelocityShares Daily 2x VIX ST ETN (TVIX)

[ANIA77]

TVIX can go 50/50 up or down.. what concern me is SPY chart because it looks bullish at least for now which would bring another drop here tomorrow.
When you look at daily SPY, there were two waves up from the bottom with small pullbacks.. is it possible that we are in the middle of the 3rd wave up? Could they run it all the way to MA200 or at least close 1st gap? Earnings are start dropping but since pretty much already all companies gave heads ups that they are going to be ugly, can market still react negatively?
I mean everyone expects bad numbers but what if they are not As bad as market expects since companies got hit with closures at the end of Q1 period. Are we going to actually some positive surprises that would add temporary fuel to SPY?
Small businesses are hurting the most but they are detached from Wall Street so yeah I guess SPY can keep rolling up.
Just my thoughts :)